FCC

67% still want to invest in properties despite COVID-19 outbreak

2020-05-06

Photo: For representational purpose

73 per cent likely to reduce budget.

Gen Z are the first ones who took a flight away from the property market.

Uncertainty in prices emerges as the top obstacle in property buying.

India?s real estate has been impacted deeply by the COVID-19 outbreak and consumer sentiment is currently pessimistic and uncertain due to the national lockdown effects.

Also read: COVID 19: Impact on Real Estate Sector

Also read: Real challenges post COVID-19

Also read: Combating real estate challenges post-COVID-19

A recent consumer sentiment report by Magicbricks ? COVID-19 Property Buyer Sentiment Survey ? reveals that one out of three homebuyers want to drop or keep on hold their property purchase decision. However, a large majority of 67 per cent are still planning to go ahead with their investment, although with a reduced budget.

The consumer sentiment survey reflects that 67 per cent of the respondents still want to invest in a property albeit with some delay, highlighting the reinforced significance of home ownership during any catastrophe like a pandemic or a national lockdown. It also revealed that 73 per cent of home buyers are likely to decrease their budget.

Tags :